Trader Gege: Bitcoin Market Analysis for November 12th

Hello everyone, this is trader Gege. For my analysis of Bitcoin's long-term cycles and bull/bear market trends, please refer to my previous posts. Today, I'll briefly discuss Bitcoin's short-term technical outlook. Let's start with the weekly chart. This week, Bitcoin is currently fluctuating around $5000. The candlestick pattern hasn't changed much; it's a doji. The key point I want to emphasize on the weekly chart is the MACD double-line death cross, which is noteworthy. If it can turn upwards above the zero line and cross while the volume bars are decreasing, the upside potential will be greater. Currently, it still needs to consolidate, so short-term rebounds should be approached with caution. The $110,000 level is a major dividing line; a strong bullish breakout and stabilization are needed for further continuation. Use the larger timeframe to determine the trend direction, and the smaller timeframe to find entry points.